El Salvador Ignores IMF, Buys More Bitcoin Anyway

[Doan9269]

It has been LONG since the last time I heard an actually good advice coming from institutions and bodies governing us.  To us I presume it is easier to take their words with a grain of salt and think them well through.  Unfortunately, most of the countries are stuck under governments supposedly all 'saving' their country and 'getting them back' to what used to be a better place.  Then their terms finish with no positive change but a lot of negative, and the cycle repeats.

I do not care what IMF says.  In fact, lately it seems that doing the exact opposite of what governments and institutions say lead to a better outcome.  The irony.

I would refer you were wrong but at best you are only wrong some of the time.

So maybe holding BTC is a lot better than taking loans.

Don't we think El-Salvador know what they are doing, they aren't bending their rules here s many had thought, complying to IMF directives and still investing more in bitcoin by accumulating on continuous pattern, this show that they re more of something, there's plan ahead more bigger than what IMF would have thought for, because of all that is happening, bitcoin accumulation is far better than them all, just as philipma1957 already said.

[ranochigo]

A lot of Bitcoiners actually don't understand what's going on and paints IMF in a bad light. Now, El Salvador needs loans from IMF and that is the core issue. They have the rights to dictate what the country should do with the funds. It's perfectly normal for them to be able to dictate what should be done with the money and what shouldn't.

Primarily, IMF's goal is to help countries through financial aids and loans. To do so, the country themselves must be able to implement sound policy to achieve long-term and sustainable growth. Agree to the terms if you want their aid, if you don't want to agree to theirs, then there is no good reason why you should kick up a fuss when they refuse to commit to the loans.

[Taskford]

It has been LONG since the last time I heard an actually good advice coming from institutions and bodies governing us.  To us I presume it is easier to take their words with a grain of salt and think them well through.  Unfortunately, most of the countries are stuck under governments supposedly all 'saving' their country and 'getting them back' to what used to be a better place.  Then their terms finish with no positive change but a lot of negative, and the cycle repeats.

I do not care what IMF says.  In fact, lately it seems that doing the exact opposite of what governments and institutions say lead to a better outcome.  The irony.

I would refer you were wrong but at best you are only wrong some of the time.

So maybe holding BTC is a lot better than taking loans.

El Salvador already follow what IMF advice to take out their decision to make Bitcoin as their legal tender. But for asking not to buy Bitcoin is to much and its good that we see El Salvador is fighting for their right to decide then ignore those ugly controlling attempt made by IMF.

For sure that El Salvador see that they would get more better profits or opportunities by holding Bitcoin. Rather than become a slave of IMF.

I believe in future once El Salvador would get a lot of profit they won't need to take loan from IMF just to fund their future purchases.

[Zaguru12]

Don't we think El-Salvador know what they are doing, they aren't bending their rules here s many had thought, complying to IMF directives and still investing more in bitcoin by accumulating on continuous pattern, this show that they re more of something, there's plan ahead more bigger than what IMF would have thought for, because of all that is happening, bitcoin accumulation is far better than them all, just as philipma1957 already said.

People are actually getting it a little bit wrong, IMF usually have this kind of policy that they dish out to their debtors before they give out loans and I think not purchasing bitcoin and making it legal tender is part of it even though I have always not been a fan of them because most of their policy doesn’t take the country’s out of debt but rather just keep them in IMF books, could remember them asking my country to actually float their local currency which was a bad idea.

El Salvador isn’t just going against them, they are actually following their rules but doing it smartly by buying bitcoin separately not tie to the country finances

[notocactus]

People are actually getting it a little bit wrong, IMF usually have this kind of policy that they dish out to their debtors before they give out loans and I think not purchasing bitcoin and making it legal tender is part of it even though I have always not been a fan of them because most of their policy doesn’t take the country’s out of debt but rather just keep them in IMF books, could remember them asking my country to actually float their local currency which was a bad idea.

El Salvador isn’t just going against them, they are actually following their rules but doing it smartly by buying bitcoin separately not tie to the country finances

At least IMF did not take immediate action against El Salvador and only they knew of actual reasons behind this delayed reaction. El Salvador actually was given several years since the last market cycle for accumulating bitcoin, holding it and till 2024 and 2025, they have very good profit from their Bitcoin portfolio.

If by IMF pressure, El Salvador must sell their bitcoin for cash, US dollar or gold, their national treasury has actually been enriched and has become stronger a lot. They can not separate from IMF so they will have to change their national policy according to IMF request. So far, there is no existence of Bitcoin Legal Tender in El Salvador but I don't see this nation stop purchasing bitcoin.

[coolcoinz]

People are actually getting it a little bit wrong, IMF usually have this kind of policy that they dish out to their debtors before they give out loans and I think not purchasing bitcoin and making it legal tender is part of it even though I have always not been a fan of them because most of their policy doesn’t take the country’s out of debt but rather just keep them in IMF books, could remember them asking my country to actually float their local currency which was a bad idea.

El Salvador isn’t just going against them, they are actually following their rules but doing it smartly by buying bitcoin separately not tie to the country finances

They should actually default on the loan. I'll say more, all countries should because the IMF is a corrupt organization and a part of a failed system.

In short, it was established at the Bretton Woods Conference. Does that ring a bell? Yes, the same conference where they created the Bretton Woods system that pegged USD to gold, but they wanted to inflate the money and print freely, giving out non-existing loans with money that was never in circulation, so they ended it in 1971, but did not end the IMF because it was useful for these greedy fuckers to eat the cake and still have it.

It's funny but Nixon did not remove the peg. He suspended it, yet 50 years later it's still suspended. It's all a scam.

[₿itcoin]

IMF says “stop buying crypto” and El Salvador buys 8 more BTC.

A fresh $1.4B loan deal urges limits but Bukele’s Bitcoin Office isn’t backing down.

The legal loophole is that the office isn’t part of the fiscal sector so daily buys roll on,

IMF praises economic progress but can’t stop the sats stacking,

El Salvador now holds nearly 6,200 BTC worth over $674M.

It is truly unimaginable that El Salvador has advertised its Bitcoin strategy amidst international scrutiny
Bukele is giving the IMF the thumbs up  

Yahh, El Salvador  began accepting bitcoins in large quantities as part of a $1.4 billion loan  agreement, prompting the International Monetary Fund to prohibit it from accepting more bitcoins. But El Salvador doing smarter by using Bitcoin Office, so that they are not accused of violating the IMF's rules directly lol  

HODLING 6,200 BTC ! ! , Nayib Bukele is just doing awesome. If he got a chance, he would probably recognize Bitcoin as the main currency of his country
He is just giving other nations a psychological strength to adopt Bitcoin in any situation

[takuma sato]

I still don't understand what the main point of the IMF is against El Salvador buying BTC. What is the risk that they consider worthy enough to make a big tantrum over this? They are stacking an assets and that's all. Other countries stack gold, like China and Russia. Why is this not a problem, while BTC is? Is it because it is too easy to send across the globe and bypass sanctions? Is it because it undermines the petrodollar as a reserve currency? I don't get it, so I would like the official stance, and what do they really mean by that explained.

[X-ray]

I still don't understand what the main point of the IMF is against El Salvador buying BTC. What is the risk that they consider worthy enough to make a big tantrum over this? They are stacking an assets and that's all. Other countries stack gold, like China and Russia. Why is this not a problem, while BTC is? Is it because it is too easy to send across the globe and bypass sanctions? Is it because it undermines the petrodollar as a reserve currency? I don't get it, so I would like the official stance, and what do they really mean by that explained.

Nobody knows for sure, but since el salvador has stolen spotlight with the BTC buying I think they just don't want the trend to continue to other countries, therefore the sanctions.

Honestly a big win for el salvador to keep stacking BTC.

[Alpen]

IMF says “stop buying crypto” and El Salvador buys 8 more BTC.

A fresh $1.4B loan deal urges limits but Bukele’s Bitcoin Office isn’t backing down.

The legal loophole is that the office isn’t part of the fiscal sector so daily buys roll on,

IMF praises economic progress but can’t stop the sats stacking,

El Salvador now holds nearly 6,200 BTC worth over $674M.

Bukele only really cares what the U.S. thinks. Since El Salvador runs on the dollar, the U.S. has leverage — they even floated cutting access to USD under Biden.
But Trump’s back, and he’s vibing with both Bukele and Bitcoin. So… let the stacking continue.

[Danica22]

I still don't understand what the main point of the IMF is against El Salvador buying BTC. What is the risk that they consider worthy enough to make a big tantrum over this? They are stacking an assets and that's all. Other countries stack gold, like China and Russia. Why is this not a problem, while BTC is? Is it because it is too easy to send across the globe and bypass sanctions? Is it because it undermines the petrodollar as a reserve currency? I don't get it, so I would like the official stance, and what do they really mean by that explained.

It would be lame to compare bitcoin with gold at this stage, as gold has been considered a proven safe haven for thousands of years while bitcoin is a fairly new, volatile and more speculative asset.

BTC also does not weaken USD, if it was a threat to USD, do you think US would accept it?

We are bitcoin investors and we are very sensitive and upset when someone badmouths BTC or restricts it. But if we are realistic and fair, we cannot deny that investing in bitcoin also has certain risks, especially when it comes to the country's economy.

Not to mention, if it were you, would you be willing to lend someone a large sum of money when you weren't sure if they could repay you? You will have to ask thousands of questions and make a series of requests before lending them money. Likewise, the IMF is a lender and needs to ensure that debtors can repay their debts.

[Taskford]

IMF says “stop buying crypto” and El Salvador buys 8 more BTC.

A fresh $1.4B loan deal urges limits but Bukele’s Bitcoin Office isn’t backing down.

The legal loophole is that the office isn’t part of the fiscal sector so daily buys roll on,

IMF praises economic progress but can’t stop the sats stacking,

El Salvador now holds nearly 6,200 BTC worth over $674M.

Bukele only really cares what the U.S. thinks. Since El Salvador runs on the dollar, the U.S. has leverage — they even floated cutting access to USD under Biden.
But Trump’s back, and he’s vibing with both Bukele and Bitcoin. So… let the stacking continue.

Nope your wrong with that Bukele heavily ignoring what US think since even before they are been discourage by past administration including IMF to buy Bitcoin. But they stood up with their rights and continue to buy despite of heavy discouragement they receive from these entities.

Bukele made a controversial move before to make Bitcoin as their tender and many criticize him for that decision he made.

On new US administration I guess US is the one who want to gather experience from El Salvador that's why Bukele and Trump meet up happened. El Salvador will stand and I believe they continue to accumulate even if US is out of their scope.

[Lucius]

~snip~
I believe in future once El Salvador would get a lot of profit they won't need to take loan from IMF just to fund their future purchases.

You can hardly expect something like that if you have 6000+ BTC and invest at a rate of 1 BTC per day (365 per year). It is simply too slow to make a profit with which you would be in a position to no longer need loans, not to mention the fact that when you sell BTC, and repay the debt, you have nothing left.

Furthermore, the question arises as to what will happen when Bukele is no longer president, will the new president continue on the same path or will he make a complete U-turn?

[Wetfinex]

A lot of Bitcoiners actually don't understand what's going on and paints IMF in a bad light. Now, El Salvador needs loans from IMF and that is the core issue. They have the rights to dictate what the country should do with the funds. It's perfectly normal for them to be able to dictate what should be done with the money and what shouldn't.

Primarily, IMF's goal is to help countries through financial aids and loans. To do so, the country themselves must be able to implement sound policy to achieve long-term and sustainable growth. Agree to the terms if you want their aid, if you don't want to agree to theirs, then there is no good reason why you should kick up a fuss when they refuse to commit to the loans.

That’s a logical point of view, and indeed if a country asks for financial aid, it should be ready to follow the conditions set by the lender. The IMF is not a charity organization, and they want to make sure the money isn’t simply "burned," but goes towards reforms and stabilization.
On the other hand, it’s strange that the IMF demonizes BTC so aggressively, while other assets like gold don’t cause such a reaction. If a country wants to hold part of its reserves in BTC that’s also a form of diversification. Especially considering that many countries have lost trust in the dollar as the sole reserve asset.
Maybe it’s not just about economics, but also geopolitics? Because Bitcoin is something that isn’t controlled by traditional institutions, and that scares them.

[pawel7777]

Unpopular opinion: putting aside IMF's bad reputation, I think it's not unreasonable for a lender to impose certain restrictions on how the money is spent, to decrease the risk of default due to bad investments. Like it or not, Bitcoin is still a highly volatile asset rather than a safe store of value instrument and as such, it makes sense for lenders not to allow borrowers to invest the borrowed money in such.
Now, what are the IMF's true intentions? I don't know. They could be genuinely concerned about the risk of default and security of the loan, but it's also possible they want to use their position to curb Bitcoin as a threat to the traditional financial system.

[Wakate]

IMF says “stop buying crypto” and El Salvador buys 8 more BTC.

A fresh $1.4B loan deal urges limits but Bukele’s Bitcoin Office isn’t backing down.

The legal loophole is that the office isn’t part of the fiscal sector so daily buys roll on,

IMF praises economic progress but can’t stop the sats stacking,

El Salvador now holds nearly 6,200 BTC worth over $674M.

The El Salvador need to buy more Bitcoin that will worth more since they are the first impression when we talk about countries that are supporting and allowing their citizens to use Bitcoin as legal tender. This is a good move for the El Salvador people because this is going to make the country more richer by the time the price hit $150k.

We ought to see more adoption of Bitcoin soon as the price keeps going bull. There are so many big firms that are buying now that the price is down so they make profits for as long as they are able to hold. No one can stops the flow and we could even see  some bullish candles maybe from the beginning of next week. The bull has not finished creating green candles yet.

[ranochigo]

On the other hand, it’s strange that the IMF demonizes BTC so aggressively, while other assets like gold don’t cause such a reaction. If a country wants to hold part of its reserves in BTC that’s also a form of diversification. Especially considering that many countries have lost trust in the dollar as the sole reserve asset.
Maybe it’s not just about economics, but also geopolitics? Because Bitcoin is something that isn’t controlled by traditional institutions, and that scares them.

Simply because that is not the goal of IMF. IMF’s purpose is to try to provide aid to countries that needs it the most and to help them with their economic growth where possible. Bitcoin, or any other form of investments, ie. precious metals are not meant to simulate economic growth in the long term.

If you require aids and loans, you have better priorities than to be stacking sats. Don’t act like the victim when you’re called out for it. Of course, there are no issues when developed countries like the US proposes it.

[bitterguy28]

A lot of Bitcoiners actually don't understand what's going on and paints IMF in a bad light. Now, El Salvador needs loans from IMF and that is the core issue. They have the rights to dictate what the country should do with the funds. It's perfectly normal for them to be able to dictate what should be done with the money and what shouldn't.

they should not be able to dictate any country but they can and should be able to advise other countries what they should or should not do with the money being lent. they do have the right to be concerned as they can't just let give money away and not expect it to be paid back and we know how risky crypto is as an investment so that is probably why imf dictated those advices to el salvador

Agree to the terms if you want their aid, if you don't want to agree to theirs, then there is no good reason why you should kick up a fuss when they refuse to commit to the loans.

is this discussion really necessary anymore? didn't they come with an agreement already to receive the funds? will the money be taken back if el salvador continues to buy bitcoin?

[Swordsoffreedom]

I still don't understand what the main point of the IMF is against El Salvador buying BTC. What is the risk that they consider worthy enough to make a big tantrum over this? They are stacking an assets and that's all. Other countries stack gold, like China and Russia. Why is this not a problem, while BTC is? Is it because it is too easy to send across the globe and bypass sanctions? Is it because it undermines the petrodollar as a reserve currency? I don't get it, so I would like the official stance, and what do they really mean by that explained.

If your country's economy is struggling and people's lives are poor, you need to focus on improving the country. By changing economic policies, improving infrastructure, attracting foreign investment, creating jobs for people...rather than investing in a certain asset and expecting it to improve the country's economy.

IMF wants El Salvador to focus on those things to improve the country instead of spending too much time and money on bitcoin. Investing in a highly volatile asset like bitcoin won't solve El Salvador's problems . Not only with bitcoin ,  I believe the IMF would not be happy with El Salvador even if they used all that money to invest in gold , stocks because that is not the way to improve the economy.

[Lucius]

The El Salvador need to buy more Bitcoin that will worth more since they are the first impression when we talk about countries that are supporting and allowing their citizens to use Bitcoin as legal tender. This is a good move for the El Salvador people because this is going to make the country more richer by the time the price hit $150k.
~snip~

Buy more with what money? Their government borrows money from the IMF and others to ensure the survival of the state, and you expect them to buy more than 1 BTC per day, which is over $3 million per month. Even today they start buying ten times more (300 BTC per month), it's not an investment that can save them considering the debt they are in.

What El Salvador failed to do was to buy a lot more BTC from 2021 and in the years after that, so if today instead of 6000+ BTC they had 60 000 BTC, that would be a slightly different story.